Bob, that is interesting. A lot of this goes on today, on farms and such. It may have not been worth more to local Texans, but the market for such a property is not just for local Texans, but for a national buyer who does not look at the local values, as much, but looks for similar properties on a national basis. That was a smart lady.
Again, it all depends. Is a $250,000 investment in a dam/lake of a 50 acre lake worth that or more in the land of 10,000 lakes or in Florida? Probably not. In Texas or TN? Maybe.
50 acre lake right beside Kentucky Lake (130,000 acres), Reelfoot Lake, Pickwick, Dale Hollow, Watts Bar, Douglas, Cherokee, Guntersville, Lake Fork, Sam Rayburn or Toledo Bend? I'd doubt it. In the middle of a desert somewhere? Invaluable.
Interesting story.
Again, Eric nailed it.
